HOUSING MARKET LEVELS OFF, SALES HIGHER THAN APRIL 2009
COASTAL INCREASE IN SALES: Southern California's housing market leveled off last month as sales activity migrated ever-so-slightly from inland bargain areas toward entry and mid-market neighborhoods closer to the coast. The overall median price was unchanged from the month before, but it jumped compared with April 2009's low point.
FORECLOSURES: The demand for attractive foreclosed properties well exceeds the number of properties on the market. Sales statistics in some areas have declined due to this buyer demand.
INTEREST RATES: At the same time, mortgage interest rates continue to hover near their historic lows, and many buyers are out in force to take advantage of the combination of low interest rates and affordably priced homes.
BUYERS: It's an ideal time for many families to purchase their first home even though they may face stiff competition with multiple offers.
SELLERS: Sales in April 2010 decreased 6.4% compared with the March 2010, so it is still a time to price properties realistically. Sellers need to be willing to negotiate for the best price obtainable - no holding out for a higher price - this is a time to be realistic!
*CAR-5/30/10
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2496, w/Bank Conditions = 459
In Escrow Listings = 1016, w/Bank Conditions = 537
Sold from 01/01/09 = 1690, w/Bank Conditions = 599
*SOCALMLS 05/30/10
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2009 COMPARED TO FEBRUARY 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,750,000 - minus 20%
Capo Beach - 92624 - 5 - $574,000 - 1%
Cororna del Mar - 92625 - 12 - $1,323,000 - 31%
Costa Mesa - 92626 - 22- $519,000 - 3%
Costa Mesa - 92627 - 23 - $556,000 - 14%
Dana Point - 92629 - 15 - $870,000 - 15%
Laguna Beach - 92651 - 31 - $1,175,000 - 3%
Laguna Niguel - 92677 - 45 - $610,000 - minus 6%
Newport Beach - 92660 - 24 - $1,550,000 - 0
Newport Beach - 92661- 2 - $3,590,000 - 247%
Newport Beach - 92663 - 12 - $1,850,000 - 72%
Newport Coast - 92657 - 17 - $2,058,000 - 14%
San Clemente - 92672 - 19 - $592,000 - minus 14%
San Clemente - 92673 - 27 - $695,000 - minus 2%
*Note all price averages are higher over 2009 except for 4 out of 14 zip codes with 1 at zero. This sign of a changing market!
*DQNews/LATimes, 05/30/2010
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ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
